Macquarie have upped their savings and transaction account rate to 3.7% p.a starting 16/12/2022.
Best of all, no hoops.
Macquarie Transaction & Savings Accounts 3.7% p.a. Interest on Deposit up to $250,000 @ Macquarie Bank
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I did find this annoying when I was with Macquarie. According to Macquarie's FAQ, they have only enabled Osko payment support on inbound payments. So outbound is subject to normal clearance periods.
I guess I must be a fool for thinking this setup is not a selling point, going by the neg votes….
I'm able send 10k a day via PayID, instantly from each of my Macquarie accounts. Problem must be with your receiving bank.
@gadgetguy: Thats actually interesting possible work around, I might try that at some point.
It's not a receiving bank issue, I needed it urgently so I ended up doing a transfer from ubank and it was instant.
@gadgetguy: i know payid =/= osko , but both are under NPP ?
so, osko / payid limit :
Macquarie = 10k
CBA?
ANZ?
NAB?
Suncorp = Same as withdrawal limit
ING = 1k
Bankwest = 1k@dcep: Note, with Macquarie at least, the 10k applies to each account. It's easy to open another savings account and use 2, 3 or more x $10k.
@gadgetguy: it's a security feature - there is a delay the first time sending as Macquarie must have some QA's. The next time onwards transferring to the same account from Macquarie is pretty much instant
My outbound transfer to a CBA account is instant from the Macquarie account.
I make transfers (non PayID) from Macquarie to MyState, Ubank, CBA, St George and ING, and they are all instant.
This includes transfers > than 10K.
I found that they are only instant after the first transfer to a new payee. So the second transfer and onward will be instant, However, when I recently had to set up the details for my new ubank account, the transfers were only instant after the second transfer. I think this may have been because the first two transfers were for the same amount and within a day of each other and less than 24 hours apart. The third transfer was instant.
Transfers I make to AMP are never instant. This is due to AMP and not Macquarie.
All my transfers are made from the Maquarie savings account.
I found if transferring from transaction account it will be instant while from saver account it will take one day.
I will give that a try too
No deal in my opinion, I am already earning 3.85% at Ubank, the $200 monthly deposit a very minor hoop for the vast majority of people to meet.
Especially with UBank upping theirs to 4.10% on 1st of Jan
It's also only a single hoop - you only have to setup the automated monthly payment once, and then you're covered for every future month.
Hows Ubank atm? I read a lot of people had been having issues with Ubank since their merge. One guy even had his entire life savings drained from his account and then received an email saying his account was closed.
Unlike most people I think the new branding and app is crap. UBank should about be no frills, simple banking. Nothing fancy.
It doesn’t make it terribly worse to use though.
The migration has really screwed a lot of people and probably hurt UBank’s brand slightly.
What's the security like at Ubank? I was thinking of switching from Macquarie, but can't work out from the website if the 2FA is only SMS (which then exposes the account to phone porting risks) or if I can use an app-based 2FA.
New Ubank will transfer without any verification - the reason why some of us old Ubank customers feel so uneasy with the transition. The old Ubank at least requires SMS verification for transfers. Unless they have changed this very recently.
Geez thanks for the heads up, I'm not keen on that at all… I'll wait and see if they sort that out, as that's definitely not ideal.
@savage bargain: If security is a top priority for you, have a look at Rabobank. No transaction accounts though, also, no fast payment. More a savings account, but can be linked to your account at any other bank. They send you a small physical device to generate codes for transfers etc.
The HISA account has a 4-month intro rate of 4.25% for new customers. After 4 months, the Premium Saver offers a better rate at 3.65%. They have yet to announce an increase from the recent rate hike, so may increase soon.
With Premium Saver, you just need to increase the end-month balance by $200. Otherwise no other restrictions - you can withdraw during the month.
@savage bargain: HSBC also has Security token device/physical Secure Key, if interested.
HSBC Bonus Savings Account
3.25% p.a. interest rate including Monthly Bonus (variable) of 1.75% p.a.1
No minimum balance required. Bonus interest is paid only when the balance increases by $300 or more per month (not including interest payments)HSBC Everyday Savings Account
3.75% p.a. 3 Month Introductory Variable Rate2
2.30% p.a. Ongoing Variable Rate
No minimum or ongoing balance required
That’s a good point. No more push notification when transferring cash.
I havent found the security to be that bad, its better than I have experienced with others banks I would say. I still haven't had my account ported to the new system, so cannot comment on that. But mine does issues 2FA requests via SMS for every outbound transfer including saved external accounts in the address book. There is likely to be a security setting in the new system to allow similar functionality but it may not be the default setting.
no deal 4.55 with ing
yet to get that rate, so many hoops and limits - in December my balance will leave ING for another bank
Plus lax password security too - only 4 digits!
100% this. The reason I've now moved away from ING.
No deal. Below 4%.
Macquarie offer 4.25% for the first 4 months, then drops to lower rate. Is this the same account?
If so, I suspect they may raise their initial offering of 4.25% as well. Has there been any word on this?Savings.com said no change to intro.
The base rate of Macquarie Bank's savings account will lift to 3.70% p.a., while the welcome rate for new customers will remain at 4.25% for the first four-months up to balances of $250,000.
Why post this as a deal???
I find Macquarie more competitive as they rebate Australian ATM fees and pay interest on all accounts without any conditions.
Getting 4% at Bank of Melbourne to put 50 in a month
any sign up bonus?
No deal whatsover - 4.1 percent St George maxisaver, 4.6 percent virgin boost, 4.55 ING, 3.85 mystate bank
Moving back to bankwest easy saver, they are doing 3.75% per annum.
Really? I just checked in the app it says 2.85?
Savings rate
We're increasing the interest rates for select savings products, including by 0.90% to our Easy Saver Rate for balances up to $250,000 (new rate: 3.75% p.a.), effective 16 December 2022.
UBank have better interest rates, $0 international fees, Osko, and $0 account fees.
The merger with 86400 is unfortunate because I hate the new app & website and they removed features like sweeps, but it’s still been better for me than Macquarie.
Genuinely galled when I realised today Macquarie don’t have Osko, wthMacquarie does have Osko (partially)
Question for those who hop between banks frequently to chase the best rates: how do you go about transferring your balance all the time? Do you call the bank to do it all in one hit or do $10-20k transfers a day yourself online between accounts?
For banks with high online transfer limits, this is no problem. E.g., Macquarie, Citibank, Ubank (old), Rabobank, they are all >=100K. For the others, it will depend on how troublesome it is to call - the wait time, whether there is an intervening weekend between split transfers (implying delay to get funds over), etc.
With MyState for over $50k you have to fill out a form and email it to them. The good thing is they usually approve within couple of hours.
Do they approve the limit for you to transfer yourself? Or do they transfer for you?
Hi bluesky. You transfer your self. There was an FI that did the transfers for you and did not even use your saved payee just entered the numbers, really did not like that. Quite like MyState, recently they have been higher than ubank for 2 weeks of every month and I have been flip flopping. I have the form automated and can change it easily.
@Yola: Thanks, Yola, for the info. So sounds like it is not that troublesome. Transfering funds yourself is definitely a plus. Yeah, I notice their high rate but was discouraged by their low online transfer limit, making shifting difficult since rates are changing so quickly.
When they approve the limit increase, is it raised for that day only? Or can you request for it to be raised for a longer period - like the next day as well? Thanks.
@bluesky: Yes, they ask you to nominate an expiry date. I usually email the form the day before I want to transfer, and they approve around 10.30 am. I find if I transfer to 86400 or old UBank before noon it gets there same day. I did one once at 3.17pm. and it did not arrive till late the next day. So safer to ask for it to apply for a couple of days so that you could transfer it out early the next day if it's not approved quickly.
@Yola: have moved 50K to various other banks within a single transaction - the accounts were existing saved payees so funds were received almost instantly. the limits can be changed in the Macquarie web version, quite painless. Have to secure the account using the Authenticator app tho
If they cap at $250k for their intro rate at 4.25, what’s the rate for the rest of remaining balance over that $250k? Anyone?
2.95% p.a.
$250,000.01 – $1,000,0002.10% p.a.
$1,000,000.01 and abovehttps://www.macquarie.com.au/everyday-banking/savings-accoun…
Hey guys, just signed up to Macquarie and downloaded the app. Is there a way to see the interest rates on your savings account like the ANZ Plus app? Also is there anything you need to do to activate the 4.25% interest for new customers?
Go to the account, press I want to… and then view account details. Should be at the bottom.
Thanks.
I now have 2 accounts with Macquarie, a savings account and a transaction account listed in my app.
Do you know if both of these have no hoops / fees? At the moment I'm only using the Savings account to earn the 4.25% interest and don't plan to use the transaction account.
Yes both have no hoops and fees. Cool thing is that all accounts get the standard interest rate.
All I can say is I was very disappointed the other day when transferring out of Macquire to my other bank, it took 2 days for the funds to hit the other bank. Transfers into Macquire are instant from my other bank. What kind of shenanigans is that.